AST SpaceMobile CEO Publishes Letter to Shareholders - Seite 2

• The largest piece of capital raised last week was 10-year subordinated convertible notes with 5.50% interest (which may be paid in kind), with a conversion price of $5.75 per share.
• AT&T and Vodafone, two of our prospective top customers, are not only investing in AST SpaceMobile, but also making $45.0 million of non-dilutive commercial payments (subject to conditions) on non-dilutive commercial payments and purchasing network equipment, actions which actively shape our commercial and go-to-market strategy and provide a structure for us to bring other customers onto the SpaceMobile network.
• Lastly, while these first commercial payments represent only a small portion of the revenue opportunity in front of us, we believe they are helpful tools for jump-starting the service and efficiently funding the company.

The right amount of capital to support the commercial roll out

• With our first five commercial satellites fully-funded, last year we turned our attention to building and launching the next-generation BlueBirds, which are designed for a 10x improvement in throughput.
• The series of simultaneous deals announced last week reflected our decision that $300 million was the right amount of capital to bring all together at once.
• Altogether, we announced up to $306.5 million in aggregate gross proceeds, including convertible notes, non-dilutive commercial payments, common equity and a planned future draw on the company’s existing credit facility.
• With our new incremental cash, we continue to maintain momentum and we are also well positioned to finance AST SpaceMobile efficiently for shareholders.

Let’s keep making history together

• I am confident that, over the long term, the value of our technology, our strategy, and our partner ecosystem will be fully recognized and realized.
• I, along with all of the members of the AST SpaceMobile board of directors and management team, could not be more excited for the future of space-based communications, and we are excited to be the team leading the first and only space-based cellular broadband network.
• Let’s keep it up to achieve our mission of connecting the unconnected!

Sincerely,

Abel Avellan
Chairman and Chief Executive Officer
AST SpaceMobile

This press release is not an offer to sell the Company’s Class A Common Stock or any other securities of the Company and does not constitute the solicitation of an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.